The value system upgrade is a response to the changing social and market environment and is based on the understanding of future trends, said Nio.
Nio (NYSE: NIO) has upgraded its corporate mission and vision in response to changing market conditions as well as its own current status.
The electric vehicle (EV) maker today announced value system 3.0, which updates the company's mission and vision.
Nio's updated mission and vision are:
Mission: Blue Sky Coming
Vision: To Build a User Enterprise where Innovative Technology Meets Experience Excellence
By comparison, here is Nio's previous mission as mentioned in its prospectus:
Our mission is to shape a joyful lifestyle by offering premium smart electric vehicles and being the best user enterprise.
Nio established its mission to “shape a joyful lifestyle” in 2015, or value system 1.0, in 2015, and had been serving car owners with its “Product + Service + Community” model ever since. In 2020, the company released value system 2.0.
In the past few years, the external environment has changed a lot, and the company has a clearer understanding of itself and what kind of company it wants to be, according to the statement today.
The upgrade of the value system is a response to changes in the social and market environment and is based on the understanding of future trends, Nio said.
As the new energy vehicle (NEV) market continues to expand and user needs become more diverse, technology and experience will become key elements of business competition, it said.
By updating its mission and vision, Nio's strategic direction will be more clearly defined, it said, adding that the company is committed to becoming a user enterprise that leads in technology and experience to create a sustainable and better future.
Prior to today's announcement of the updated mission and vision, Nio founder, chairman, and CEO William Li had already explained the thinking behind it to employees in an all-hands meeting on July 19.
With today's changing landscape, the original words no longer fully reflect the mission of the company as a whole, Li said, adding that with a multi-brand, globalized operation, Nio needs a new shared mission, vision, drivers and values.
Outsiders perceive Nio mainly in terms of innovations in services, community, etc., but tend to overlook the company's efforts in technological innovation, Li said.
“In fact it's also becoming clearer to us that Nio is a technology innovation-driven company that delivers great products, services and communities. This is more clearly reflected in the new value system,” Li said.
With its new mission and vision, Nio continues to use the same five enablers as before:
Put User Interest First
Experiences Beyond Expectations
Continuous Innovation
System Efficiency
Deiven by Design
Each of the five enablers is actionable, said Li. “All work must create value for users from the perspective of their interests, and behavior that harms their interests will not be tolerated,” he said.
In addition, he emphasized four values:
Honestly
Care
Vision
Action
Since its establishment, Nio's values have remained unchanged, and they are the foundation and main line of Nio, Li said.
This value system upgrade has constructed a basic framework for the competition in the market, multi-brand operation, and globalization layout that has come and is about to come, said Li.
“We believe that such a system can make us a better company and can make us a more successful company”, he said.
Nio to hold Nio IN 2024 tech day event on Jul 27 in Shanghai
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